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Peru has been progressing on fintech regulation, but currently lacks an umbrella regulation for the sector, which would give a greater sense of security to banks. But startups say a higher regulatory burden would create unnecessary bottlenecks.
Claudia Ganoza, senior manager of Open Innovation at BBVA Peru, says that, if the fintech industry were regulated, collaboration would be easier, “because it would be one less point of concern, since it is not the sole responsibility of the bank." “We, as a financial institution, apply the Group’s security measures – such as information security and legal terms – which are the points that make it more difficult for us to connect the startup with the bank.” More and more, banks are betting on partnerships, especially because they have digital needs that can be quickly and efficiently addressed with third-party solutions. To date, BBVA Peru has three live partnerships, close to a dozen open conversations and two more close to going live. In terms of regulation for the sector, Javier Pineda, CEO and founder of Billex, considers that beyond waiting for regulations, organic approaches between banks and fintech would help. But he added that attempts to date have had limited success. “The ones who have to knock on doors are fintech companies. Today, the negotiation flow goes from the bottom up,” Pineda concluded.
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